Phoenix continues to see substantial growth amid coronavirus pandemic
PHOENIX – The Phoenix-area continues to see substantial economic and construction growth despite the presence of the COVID-19 pandemic.
Phoenix Mayor Kate Gallego told KTAR News 92.3 FM on Friday that out of the top 10 construction markets, Phoenix is the only market where construction expenditures increased during the COVID-19 pandemic.
“These are big investments in the advanced economy and it really is an exciting time for Phoenix,” Gallego said.
She noted there are currently 18 construction cranes in the downtown area. The construction projects include both residential, commercial and office space.
Gallego said this growth is expected to continue, even after the pandemic subsides.
“Our economic indicators are showing us that it is going to be a good path forward compared to our peer cities,” Gallego said.
According to the U.S. Census, Phoenix is the fastest growing city in the country. The city had the largest numeric increase of people of over 234,300 people moving to the Valley between 2010 and 2019.
As a result, Gallego said the city is seeing a strong housing market and people moving to the area with an interest in wide variety of industries.
One of the aspects of the economy that Phoenix has tried to support throughout the pandemic is small businesses.
“We’re also really trying to support our small businesses because we know they are so much of what makes our city such a great city and really the backbone of our economy,” Gallego said.
Phoenix offers small businesses up to $10,000 in relief grants if they have no more than 25 employees and have lost more than 25% of their business, among other qualifications. There’s still more than $4 million to be distributed in the program, according to Gallego.
KTAR News 92.3 FM’s Luke Forstner contributed to this report.